French side AS Monaco have officially confirmed the signing of Atletico Madrid striker Radamel Falcao for an undisclosed fee, believed to be in the region of £50 million.

The Colombian striker has signed a five-year deal at the club, joining recent summer arrivals including Ricardo Carvalho, Joao Moutinho and James Rodriguez.

In a statement on the club's website, Monaco owner Dmitry Rybolovlev said: "We are absolutely delighted that Radamel Falcao has accepted the challenge of coming to play for AS Monaco FC.

"We are proud to have secured one of the best players in the world and confident that he will help ASMFC regain its rightful status."

In a video message, Falcao said: "I am delighted to join AS Monaco and very happy to wear these new colours."

On Twitter, the striker added: "I want to share with you that I will be player of AS Monaco next season. I'm eager to start this challenge! I count on you support!

"To Atletico Madrid and all the Colchonera family, thank you! I had two unforgettable years! You will always be in my heart. Remember that goal in the [Copa del Rey] final."

Falcao, 27, travelled to the principality at the start of the week for a medical and to thrash of personal terms with the striker reportedly receiving a €14 million annual salary after tax on a five-year deal.

The transfer fee far exceeds the €42 million plus €7 million bonus PSG paid AC Milan for Thiago Silva, and the €45 million Monaco themselves paid Porto for Falcao's compatriot, James Rodriguez, 21, only last week.

It is unclear whether or not he will play for Atletico in their final match of the season at relegation-threatened Real Zaragoza on Saturday evening.

Falcao has scored 16 goals in 44 appearances for Colombia, and after spells with River Plate and Porto he joined Atletico Madrid in summer 2011.

He proved his prowess in the Primera Division and also had success in European competitions with Atletico. He won the Europa League with the Spanish capital club in 2012, having triumphed in the same competition with Porto 12 months earlier.

He scored the only goal of the 2011 final as Porto beat Braga, and netted twice in Atletico's 3-0 victory over Athletic Bilbao in 2012.